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OneAmerica Makes A Deal

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The parent of American United Life Insurance Company has announced plans to acquire a Virginia life insurer.

OneAmerica Financial Partners Inc., Indianapolis, says it will acquiring Shenandoah Life Insurance Company, Roanoke, Va., through a merger.

Shenandoah Life would join American United and other companies, such as the State Life Insurance Company and Pioneer Mutual Life, as OneAmerica subsidiaries.

Shenandoah was founded in 1914. It sells individual life and annuity products as well as employee benefits products.

OneAmerica hopes to complete the deal by mid-2009, after getting approval from state and federal regulators, and from the policyholders of both companies.

OneAmerica is not saying how much it will pay for Shenandoah Life, but the terms of the deal call for Shenandoah Life to continue to operate as a separate insurance company with operations in Roanoke.

Shenandoah Life policyholders would get voting rights in OneAmerica, according to OneAmerica.